Texas refuses to sell as its $10 million Bitcoin bet sinks to $6.6 million
Texas kept its BlackRock iShares Bitcoin Trust (IBIT) position unchanged in the second quarter, holding 197,844 shares in its June 30 filing, the same amount reported in an amended March 31 filing. The stake’s market value fell to about $6.62 million by quarter-end as IBIT’s net asset value dropped to $33.48 per share and Bitcoin declined about 13.25% during the period. The Texas Treasury Safekeeping Trust Company, which manages the Texas Strategic Bitcoin Reserve and oversees about $165 billion across state assets, had previously used IBIT as an interim vehicle while preparing for direct Bitcoin custody. The filings show Texas did not sell any shares despite the price decline. They also contain a reporting inconsistency: the stated value of the position was repeated as $7.602 million in both filings, even though the quarter-end market value was lower.
